Market Recap: Thursday, April 22

Stocks erased earlier gains to trade sharply lower after Bloomberg reported Thursday afternoon that President Joe Biden would propose increasing the capital gains tax rate on wealthy individuals. The Dow dropped more than 250 points, or 0.7%, immediately following the report, after trading just slightly lower earlier. The S&P 500 and Nasdaq erased gains to trade at session lows. State Street Global Advisors Senior Economist Simona Mocuta and Global Market Strategist at J.P. Morgan Asset Management, Gabriela Santos, joined Yahoo Finance Live to discuss.